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Chase Partners Sells Chipotlane Property in Northern California for $3.2 Million

by Alex Tostado

Lathrop, Calif. — Chase Partners has sold a new Chipotlane drive-thru property in Lathrop in California’s San Joaquin Valley for $3.2 million. The 2,323-square-foot property was delivered earlier this year at 16542 Golden Valley Parkway. Bill Asher and Jeff Lefko of Hanley Investment Group Real Estate Advisors represented the Glendale, California-based seller in the transaction. Kurt Bruggeman of Lee & Associates represented the buyer an Orange County, California-based private investor. Chipotlane is the new concept from Chipotle Mexican Grill that allows customers to order on the restaurant’s app and pick …

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CaliforniaCompany newsNewsRetailers

Court Approves Guitar Center’s Exit from Chapter 11 Bankruptcy

by Alex Tostado

Westlake Village, Calif. — Just over three weeks after filing for Chapter 11 bankruptcy, Guitar Center appears ready to already emerge from the process. In its original filings, the Westlake Village-based musical instrument and supplies retailer reported its business of instrument purchases, rentals, repairs and music lessons suffered amid the upheaval stemming from government-mandated shutdowns in response to the COVID-19 pandemic. At a virtual hearing Thursday, U.S. Bankruptcy Judge Kevin Huennekens, based in Richmond serving the Eastern District of Virginia, approved Guitar Center’s bankruptcy plan, according to Bloomberg. The retailer expects …

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CaliforniaCompany newsIllinoisMarylandNews

Sameday Testing to Open Five COVID-19 Testing Sites at Westfield Shopping Center Locations

by Alex Tostado

Los Angeles — Sameday Testing will open five new COVID-19 testing facilities within Westfield shopping centers. The locations will be at Westfield Annapolis, Westfield Montogmery and Westfield Wheaton in Maryland; The Village at Westfield Topanga in Woodland Hills, California; and Westfield Old Orchard in Skokie, Illinois. The Los Angeles-based operator now has more than 30 locations in cities including Washington, D.C., Los Angeles, Dallas and Miami. Patrons can receive COVID-19 testing at the sites as well as future vaccinations. “We must grow faster than the virus to beat it — …

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CaliforniaLeasingNewsRetailers

Progressive Real Estate Partners Arranges 35,000-Square-Foot Retail Lease in Southern California

by Alex Tostado

Riverside, Calif. — Progressive Real Estate Partners has arranged a 10-year, 35,000-square-foot retail lease in Riverside. Big Lots will occupy the former space of JoAnn Fabrics at the 183,000-square-foot Canyon Springs Marketplace. Big Lots expects to move into the space in early 2021. The store will offer a wide assortment of affordable merchandise ranging from soft home, furniture and seasonal items to food, electronics, toys and accessories. Other tenants at the center include Marshalls, Old Navy, Petco, Bed Bath & Beyond, Michaels and Best Buy. Canyon Springs Marketplace was built …

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CaliforniaCompany newsNew JerseyNewsRetailers

Bed Bath & Beyond Agrees to Sell Cost Plus World Market to Private Equity Firm, Including 243 Stores

by Alex Tostado

Union, N.J. and Los Angeles — Bed Bath & Beyond Inc. has agreed to sell Cost Plus World Market, a specialty retail chain that sells home furniture, décor and international food products. The buyer, Los Angeles-based private equity firm Kingswood Capital Management, expects to continue operations under the Cost Plus World Market banner. The purchase agreement includes 243 brick-and-mortar locations, the World Market digital business, two distribution facilities and a corporate office located in Alameda, California. Both companies have agreed to a transition services agreement (TSA) following the close of …

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CaliforniaGrocery-anchoredInvestment salesNewsRetailers

Private Developer Divests of Grocery-Anchored Shopping Center in Los Angeles’ Koreatown for $57.5 Million

by Alex Tostado

Los Angeles — A private developer has completed the sale of California Marketplace, a shopping center located at 450 S. Western Ave. in the Koreatown neighborhood of Los Angeles. Jake Sharp Capital acquired the asset for $57.5 million. A Korean grocery store occupies the three-story retail property, which features an adjacent, four-level parking structure. At the time of sale, the property was 86 percent leased to 25 tenants, including Gaju Market, Pacific City Bank, Myungrang Hot Dog and BMB Medical. Michael Shustak, Derrick Moore, Chris Caras and Phillip Sample of …

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CaliforniaInvestment salesNewsRetailers

JLL Brokers $10.6 Million Sale of Three Retail Pads at Vista Terrace Marketplace in Vista, California

by Alex Tostado

Vista, Calif. — JLL has arranged the sale of a portion of Vista Terrace Marketplace, a retail property in Vista. Black Lion Investment Group sold the asset to an undisclosed buyer for $10.6 million. The transaction included three retail pads occupied by O’Reilly Auto Parts, Dunkin Donuts, AT&T and Verizon Wireless. Daniel Tyner and Gleb Lvovich of JLL represented the seller in the transaction. Brian Pyke and Connor Stevens of Retail Insite handle the leasing on behalf of the owner. Black Lion still owns two pad site and the anchor …

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CaliforniaInvestment salesNewsRetailers

Hanley Investment Group Arranges $17 Million Sale of Shopping Center in Southern California

by Alex Tostado

Huntington Beach, Calif. — Hanley Investment Group has arranged the sale of Village Plaza at Huntington Harbor, a 20,328-square-foot shopping center. The sales price was not disclosed, but according to industry sources, the sales price was $17 million. The property was 91 percent leased at the time of sale to tenants including Harbor Barber, Secret Spot Restaurant, La Bodega Bottle Shop, Super Mex, Stoney’s Pizza, Sunset Vapor, Riip Beer Co. and Tsunami Sushi. The center is situated at 17196-17236 Pacific Coast Highway, two blocks from the beach and 31 miles …

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CaliforniaDevelopmentInvestment salesNewsRetailers

Beacon Realty, Carolina Capital Acquire Open-Air Retail Center in Southern California

by Alex Tostado

La Quinta, Calif. — A joint venture between Beacon Realty Advisors and Carolina Capital Real Estate Partners has acquired Jefferson Square, a partially built, open-air shopping center in La Quinta. The property’s infrastructure has been completed but only half of the land has been fully developed, according to Beacon Realty. A CVS/pharmacy anchors the center. The buyers plan to lease the vacant 14,000 square feet to a grocer, medical tenant or home improvement retailer. Regency Centers sold the property, which spans 10 acres, for an undisclosed price. A timeline for …

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CaliforniaInvestment salesNewsRetailers

Progressive Real Estate Partners Brokers $6.2 Million Sale of Shell Gas Station, Circle K Property in Southern California

by Alex Tostado

Bloomington, Calif. — Progressive Real Estate Partners has arranged the sale of a retail property located at 2128 S. Riverside Ave. in Bloomington. Shell Gas Station and Circle K Convenience Store occupy the property, which was built in 2001. A Corona, California-based private investor sold the property to a Riverside County, California-based private investor for $6.2 million. The acquisition included both the business and the real estate. The buyer operates multiple ARCO gas stations throughout California. The asset features a Shell Gas Station offering eight dispensers with 20 fueling positions …

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